SunPower Extends M.Setek Silicon Supply Agreement

San Jose, California [] SunPower extended its existing agreement and expanded its major silicon supply agreement with supplier and partner, M.Setek Co., Ltd., manufacturer of monocrystalline silicon ingots and wafers for the solar industry. The new agreement increases M.Setek’s 2008 silicon supply to SunPower while offering the potential for additional supply in 2007. The value of the agreement over its five-year term is estimated to exceed $500 million. M.Setek is constructing its first polysilicon refinery, due to begin operation in late 2007, to provide a guaranteed source of raw material for its ingot-puller manufacturing operation. Ingots are used to create silicon wafers — the starting material for SunPower’s high-efficiency solar cells. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp.
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